The midfielder, 38, penned a one-year contract extension at
Manchester United last week.
It will keep him at Old Trafford until at least the end of next
season.
Former England star Scholes retired from the game last summer,
only to reverse his decision in January.
And Giggs said: "When to retire is difficult. Do you quit too
early or go that one too many games and let people see you on the
slide?
"Retirement is just a decision that I have to take my time with
because I feel different after each game.
"Scholesy was missing it and it's no secret that me, Gary
Neville and a few other people felt that he had finshed too early
but who were we to know?
"We wanted him to carry on but he'd made his decision quite
early and it was probably too early, which I think he accepts
now.
"Who knows? Maybe he'll carry on next year."
Giggs has switched from the wing to a more central role in more
recent seasons and he believes that will benefit him in the
long-term.
He added: "Moving in to central midfield has definitely helped
me.
"I had a taste of what it was like on the wing against Liverpool
on Saturday and it's just completely different because you are up
and down all the time.
Giggs could be in contention for selection as one of Great
Britain boss Stuart Pearce's over-age players for the London 2012
Olympics.
But he would only agree to play in the tournament if the Welsh
FA were happy for him to do so.
He said: "I haven't thought about the Olympics too much but
nearer the time, I am obviously going to have to.
"First of all, I have to get picked — there are a lot of players
vying for 20-odd spots.
"Then there is another obstacle: will it affect Wales in the
future?
"If it does, then it will be an easy decision for me to
make.
"If it comes to the time when the likes of myself, Gareth Bale
and Aaron Ramsey are picked, it is something we will have to speak
to the FAW about."